EQUERCUS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
EQUERCUS
Largest movements
- Tangible fixed assets +€369,982
up €369,982 (+19.7%), from €1.9m to €2.2m
- Cash -€22,875
down €22,875 (-73.4%), from €31,172 to €8,297
mainly Investment in fixed assets (net) (-€467,125) and Net result for the year (-€128,537)
- Debts after one year +€456,281
up €456,281 (+39.1%), from €1.2m to €1.6m
of which Financial debts: +€919,781
- Reserves -€128,537
down €128,537 (-60.9%), from €210,995 to €82,458
- Current portion of long-term debt +€51,237
new in 2025: €51,237
- Turnover +€53,099
up €53,099, from €0 to €53,099
- Financial charges +€33,296
up €33,296 (+91.7%), from €36,302 to €69,598
- Depreciation +€25,649
up €25,649 (+35.9%), from €71,494 to €97,143
- Gross operating margin -€22,180
down €22,180 (-35.8%), from €62,026 to €39,847
- Purchases and services +€10,910
up €10,910 (+466%), from €2,342 to €13,252
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,908,201 | €2,266,192 | +€357,991 | +18.8% |
| Fixed assets | 21/28 | €1,873,499 | €2,243,481 | +€369,982 | +19.7% |
| Tangible fixed assets | 22/27 | €1,873,499 | €2,243,481 | +€369,982 | +19.7% |
| Land and buildings | 22 | €1,873,499 | €2,243,481 | +€369,982 | +19.7% |
| Current assets | 29/58 | €34,702 | €22,711 | -€11,991 | -34.6% |
| Amounts receivable within one year | 40/41 | €1,030 | €10,874 | +€9,844 | +956% |
| Trade receivables | 40 | €0 | €7,513 | +€7,513 | |
| Other amounts receivable | 41 | €1,030 | €3,360 | +€2,330 | +226% |
| Current investments | 50/53 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,172 | €8,297 | -€22,875 | -73.4% |
| Deferred charges and accrued income | 490/1 | - | €1,040 | +€1,040 | |
| Total equity and liabilities | 10/49 | €1,908,201 | €2,266,192 | +€357,991 | +18.8% |
| Equity | 10/15 | €710,995 | €582,458 | -€128,537 | -18.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €210,995 | €82,458 | -€128,537 | -60.9% |
| Distributable reserves | 133 | €210,995 | €82,458 | -€128,537 | -60.9% |
| Amounts payable | 17/49 | €1,197,206 | €1,683,735 | +€486,529 | +40.6% |
| Amounts payable after more than one year | 17 | €1,167,500 | €1,623,781 | +€456,281 | +39.1% |
| Financial debts | 170/4 | - | €919,781 | +€919,781 | |
| Other amounts payable | 178/9 | €1,167,500 | €704,000 | -€463,500 | -39.7% |
| Amounts payable within one year | 42/48 | €29,706 | €59,954 | +€30,248 | +102% |
| Current portion of amounts payable after more than one year | 42 | - | €51,237 | +€51,237 | |
| Trade debts | 44 | €22,097 | €8,717 | -€13,380 | -60.6% |
| Suppliers | 440/4 | €22,097 | €8,717 | -€13,380 | -60.6% |
| Taxes, remuneration and social security | 45 | €7,609 | €0 | -€7,609 | -100% |
| Taxes | 450/3 | €7,609 | €0 | -€7,609 | -100% |
| Turnover | 70 | €0 | €53,099 | +€53,099 | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,342 | €13,252 | +€10,910 | +466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,494 | €97,143 | +€25,649 | +35.9% |
| Other operating charges | 640/8 | €2,620 | €3,452 | +€831 | +31.7% |
| Gross operating margin | 9900 | €62,026 | €39,847 | -€22,180 | -35.8% |
| Operating profit (loss) | 9901 | -€12,088 | -€60,748 | -€48,660 | -403% |
| Financial income | 75/76B | €100 | €1,809 | +€1,709 | +1,709% |
| Recurring financial income | 75 | €100 | €1,809 | +€1,709 | +1,709% |
| Financial charges | 65/66B | €36,302 | €69,598 | +€33,296 | +91.7% |
| Recurring financial charges | 65 | €36,302 | €69,598 | +€33,296 | +91.7% |
| Profit (loss) for the period before taxes | 9903 | -€48,290 | -€128,537 | -€80,247 | -166% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€48,290 | -€128,537 | -€80,247 | -166% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,290 | -€128,537 | -€80,247 | -166% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.